Decode Corporate Travel Terminology: Essential Terms & Definitions

Corporate travel is an integral part of modern business, facilitating collaboration, client meetings, and professional development. However, navigating the complex world of corporate travel can be daunting, especially for those new to the field. One essential tool to streamline the process and ensure a smooth travel experience is a comprehensive understanding of the corporate travel glossary.

A corporate travel glossary serves as a valuable resource, defining key terms and concepts that are frequently encountered in the business travel industry. Familiarizing oneself with this terminology cna help travelers communicate effectively with travel agents, book flights and accommodations more efficiently, and understand the nuances of travel policies and regulations.

Moreover, a grasp of corporate travel terminology can help individuals make informed decisions regarding travel arrangements, optimize their itineraries, and minimize unexpected expenses. Whether you're a seasoned traveler or just embarking on your first corporate trip, a solid understanding of the corporate travel glossary will empower you to navigate the landscape with confidence and efficiency.

In the subsequent sections, we will delve into some of the most important terms and concepts that are essential for anyone involved in corporate travel. By the end of this blog post, we will have a strong foundation of knowledge to guide you through your business travel endeavors.

WegoPro presents a comprehensive list of over 500 corporate travel terms to assist you in your corporate travel endeavors. This invaluable resource will empower you to communicate effectively, make informed decisions, and navigate the complexities of business travel with confidence.

Business Travel Glossary - A

AAB (Agent-Assisted Bookings)

Bookings made through a travel agent, offering personalized assistance and expertise.

Accounts Payable

The financial department responsible for processing and paying invoices for goods and services.

Adoption Rate

The percentage of employees who adopt and use a new corporate travel tool or policy.

ADR (Average Daily Rate)

The average price paid for a hotel room per night.

Advance Purchase Excursion (APEX) Fare

A discounted airfare that requires booking a certain number of days in advance.

Advance Purchase Policy

A company policy that mandates booking flights a specific number of days before travel.

Air Miles

Rewards points earned by frequent travelers that can be redeemed for flights, upgrades, or other travel-related benefits.

Airfare

The price of an airline ticket.

Airfare Price Tracking

Monitoring and analyzing changes in airfare prices over time.

Airline Alliances

Partnerships between multiple airlines that offer shared benefits, such as frequent flyer program integration and code-sharing agreements.

Airline Joint Venture

A commercial partnership between two or more airlines, often involving joint marketing, codesharing, and revenue sharing.

Airline Policy

A set of rules and guidelines established by an airline to govern its operations, including ticketing, baggage, and passenger rights.

Airline Regulations

Government-imposed rules and standards that airlines must adhere to, such as safety regulations and pricing restrictions.

Airline RFP (Airline Request for Proposal)

A document issued by a company seeking bids from airlines for travel services.

Airline Tickets

Documents that confirm a passenger's reservation on a flight.

Airlines Reservation System (ARS)

A computerized system used by airlines to manage flight reservations, ticketing, and inventory.

Airport Access Fee

A charge imposed by an airport on airlines for using its facilities.

Airport Code

A three-letter code assigned to each airport by the International Air Transport Association (IATA).

Ancillaries

Additional products or services offered by airlines, such as baggage fees, seat selection, and in-flight meals.

Approval Workflow

The process by which travel requests are reviewed and approved within a company.

ARC (Airline Reporting Corporation)

A settlement company that processes payments between airlines and travel agencies.

Artificial Intelligence (AI)

Technology that enables computers to perform tasks that typically require human intelligence, such as natural language processing and machine learning.   

ATP (Air Transport Association)

A trade association representing the interests of U.S. and Canadian airlines.

Auditing

The process of examining financial records and transactions to ensure accuracy and compliance with regulations.

Automated Expense Reporting

Software that streamlines the process of submitting and processing expense reports.

Aviation Regulator

A government agency responsible for overseeing and regulating the aviation industry.

Business Travel Glossary - B

Baggage Allowance

The maximum amount of luggage a passenger is permitted to carry on a flight without additional charges.

Balance Sheet

A financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

Best Available Rate (BAR)

The lowest room rate offered by a hotel at any given time, excluding any special discounts or promotions.

Basic Economy

A lower-cost airfare option that often includes restrictions on baggage, seat selection, and changes.

Billback

The process of charging a company or department for travel expenses incurred by its employees.

Blackout Dates

Periods when hotel rooms or flights are not available for booking due to high demand or special events.

Bleisure

A combination of business and leisure travel, where travelers extend their business trips to explore a destination for personal enjoyment.

Blended Travel

A mix of traditional business travel and virtual meetings or remote work.

Booking Engine

A software application that allows travelers to search for and book flights, hotels, and other travel services online.

Boutique Hotels

Smaller, independently owned hotels that offer unique accommodations and personalized service.

Business Class

A higher-priced airline cabin class that offers amenities such as wider seats, more legroom, and complimentary meals and beverages.

Business Continuity

The ability of a company to continue its operations despite disruptions such as natural disasters, emergencies, or travel restrictions.

Business Expenses

Costs incurred by employees while traveling on business, such as transportation, accommodations, meals, and entertainment.

Business Travel Enterprise Resource Planning (ERP)

A software system that integrates various business functions, including travel management, expense reporting, and compliance.

Business Travel

Travel undertaken by employees for work-related purposes, such as attending meetings, conferences, or client visits.

Business Travel Program

A set of policies, procedures, and tools used by a company to manage its business travel activities.

Business Trip

A journey undertaken by an employee for work-related purposes, often involving overnight stays.

Business Travel Glossary - C

Cabin Class Compliance

Adherence to a company's policy regarding the specific cabin class (e.g., economy, premium economy, business, first) that employees can book for their business travel.

Capital Expense (CapEx)

Expenditures made by a company to acquire or improve long-term assets, such as property, equipment, or technology.

Capitalization

The process of recording a significant expense as an asset on a company's balance sheet rather than as an expense in the current period.

Car Allowance

A fixed amount of money provided to employees for transportation expenses, often used when renting cars or using personal vehicles for business purposes.

Car Rental Agreement

A legal document that outlines the terms and conditions of a car rental, including rental fees, insurance coverage, and damage liability.

Carbon Emissions

The release of carbon dioxide into the atmosphere, primarily caused by the burning of fossil fuels.

Carbon Footprint

The total amount of greenhouse gases emitted by an individual, organization, or activity.

Card Security Code (CSC), Card Verification Code (CVC), or Card Verification Value (CVV)

A three- or four-digit code printed on the back of a credit or debit card used for online transactions to verify card authenticity.

Cash Basis Accounting

A method of accounting that recognizes revenue and expenses when cash is received or paid out.

Categorization

The process of classifying travel expenses into specific categories, such as transportation, accommodations, meals, and entertainment.

CDF

Customer Data Fields, a standardized set of data elements used to capture information about travelers and their preferences.

Centralized Billing

A process where a single entity, such as a travel management company (TMC), handles all billing and invoicing for corporate travel expenses.

Chain Discount

A discount offered by hotel chains for multiple bookings or extended stays.

Change Management

The process of planning, implementing, and managing organizational change, such as implementing new travel policies or technologies.

Charting in Rail Travel

The process of reserving seats on a train.

City Pairs

The combination of two cities between which flights or train services are available.

Class of Service (COS)

The level of comfort and amenities offered on a flight or train, such as economy, premium economy, business, or first class.

CLEAR Biometric Identity Verification

A technology that uses fingerprint and facial recognition to expedite airport security screening.

CNR

Confirmation Number, a unique reference number assigned to a flight or train reservation.

CO2e

Carbon dioxide equivalent, a unit of measurement used to compare the greenhouse gas emissions of different gases.

Codeshare

An arrangement where two or more airlines market and sell flights on each other's networks, using their own flight numbers.

Computer Reservation System (CRS)

A software system used by travel agents to access airline, hotel, and car rental inventory and make bookings.

Connecting Flight

A flight that requires a transfer to another flight to reach the final destination.

Consortia Rate

A negotiated rate offered to corporate travelers who are members of a specific travel management consortium.

Content

Information and resources related to travel, such as destination guides, reviews, and travel tips.

Continuous Pricing

A pricing model where airfares are dynamically adjusted based on factors such as demand, time of booking, and route.

Corporate Card

A credit card issued to employees for business travel expenses, often with features like expense tracking and travel insurance.

Corporate Negotiated Rates

Discounted rates negotiated by companies with airlines, hotels, and car rental companies.

Corporate Travel Policy

A set of guidelines and rules that govern a company's business travel activities, including expense limits, booking procedures, and travel approvals.

Corporate Travel Program

A comprehensive plan designed to manage and optimize a company's business travel activities, including policy development, travel management, and expense reporting.

COS

Class of Service, the level of comfort and amenities offered on a flight or train.

Cost Control

Measures taken to reduce travel expenses, such as implementing travel policies, negotiating rates, and using cost-saving tools.

Credit Card Authorization (CCA)

The process of verifying the validity of a credit card before charging a transaction.

Cross-Platform Search

The ability to search for travel options across multiple platforms, such as airline websites, online travel agencies (OTAs), and travel management companies (TMCs).

Customer Channels

The various ways in which travelers interact with a company, such as online, by phone, or in person.

Customer Data Fields (CDFs)

A standardized set of data elements used to capture information about travelers and their preferences.

Business Travel Glossary - D

Data Integration

The process of combining data from multiple sources, such as travel booking systems, expense management tools, and corporate directories, into a unified database.

Deadhead

A flight segment with no passengers, often used to reposition aircraft or crew between destinations.

Depreciation

The allocation of the cost of a long-term asset over its useful life, reflecting the decrease in its value over time.

Designated Booker

An individual or department within a company authorized to make travel bookings on behalf of employees.

Direct Cost

Expenses directly related to a specific travel activity, such as airfare, hotel accommodations, and ground transportation.

Direct Flight

A flight that travels directly from the origin to the destination without any intermediate stops.

Distribution Platforms

Online platforms, such as global distribution systems (GDS) and online travel agencies (OTAs), that provide access to travel inventory and booking services.

Dunning

The process of sending reminders or notices to travelers or suppliers to pay outstanding invoices.

Duplicate Expense Detection

The use of software or manual processes to identify and prevent duplicate expense claims.

Duty of Care

A legal obligation for employers to take reasonable steps to protect the health, safety, and well-being of their employees, including while traveling.

Dynamic Pricing

A pricing model where prices are adjusted in real-time based on factors such as demand, time of booking, and availability.

Business Travel Glossary - E

Electronic Data Interchange for Administration, Commerce and Transport (EDIFACT)

A standard format for electronic communication between businesses, used for exchanging travel-related data such as bookings, invoices, and payment information.   

Electronic Funds Transfer (EFT)

A method of transferring money electronically between bank accounts, often used for corporate travel payments.

Electronic System for Travel Authorization (ESTA)

A visa waiver program that allows eligible citizens of certain countries to visit the United States for business or tourism for up to 90 days without a visa.

Enhancing Corporate Travel Policies for Efficiency and Compliance

The process of reviewing and updating a company's travel policies to ensure they are effective, efficient, and compliant with regulations.

ERP

Enterprise Resource Planning, a software system that integrates various business functions, including travel management, expense reporting, and compliance.

ESTA

Electronic System for Travel Authorization, a visa waiver program for eligible travelers visiting the United States.

Must Read

Best Corporate Travel Software in 2024 To Work With
Essential Travel Management KPIs
How A Corporate Travel Platform Transforms Business

Stay tuned to WegoPro for the latest corporate travel and expense management news and updates!